Assurtech: Laka buys French startup Cylantro and raises 7.6 million euros

Laka is a British insurtech offering insurance products specifically designed for e-bike users, cyclists and businesses. Famous for the insurance system “fair price”, insures over £100 million worth of bicycles and e-bikes through a monthly premium mechanism. In effect, the insurtech charges its policyholders a premium that adjusts each month to the losses suffered by the policyholder community. It is therefore proportional to the compensations paid by Laka.

In addition, while traditional insurance companies advantage » if a customer complaint is dismissed, the startup receives a success fee only after the complaint is resolved to align its interests with those of its customers. Its approach comes with transparent zero and monthly contracts and has received 5 consecutive nominations as the best bicycle insurance provider.

Cilantro, a strategic acquisition to conquer the French market

To accelerate its development, Laka announces the acquisition of Cylantro, specialized insurtech in personalized micromobility insurance (bike, electric scooter, etc.) with the aim of penetrating the French market and becoming a leader in this field. Thomas Arnou, CEO and founder of Cylantro, will continue to lead operations in France, the country with the fastest growing bicycle and e-bike sales among European countries.

While the young company offers a diversified range of insurance products including liability, health and certain professional insurances, bicycle insurance is the flagship product it intends to develop. Electric bike sales in Europe are expected to exceed annual car sales by 2025, signaling a significant shift towards more sustainable modes of transport.

Obtaining funds in the amount of 7.6 million euros beyond insurance

Thanks to financial support from Shift4 Good and investors specializing in mobility such as Autotech Ventures, Porsche Ventures, Ponooc and Creandum & LocalGlobe, insurtech also announces an increase of 7.6 million euros. The goal of this facelift is to promote green mobility and expand its services beyond insurance, which already covers the recovery of damaged bicycle parts and stolen bicycles, with the aim of minimizing the carbon footprint of cyclists.

We chose to join forces with Laka because of their aligned core principles: customer first and best-in-class claims management,” he says Thomas Arnou, CEO and founder of Cylantro. We are ready to build a European leader together. »

Laka currently operates in 5 countries (UK, France, Germany, Belgium, Netherlands) but offers its services to clients in 31 countries thanks to the General Manager approval obtained in the UK and the Netherlands.

“We are delighted to welcome the Cylantro team to Lace. Thomas and his team have created a fantastic offering in France and we look forward to expanding our presence across the country.” explains Tobias Taupitz, CEO and co-founder of Laka. “We see huge potential in France, where bicycle and e-bike sales are experiencing double-digit growth. We are also delighted to welcome Shift4Good as an investor and look forward to working with them to expand our commitment to decarbonising mobility, making it easier for consumers to insure and protect their bikes or e-bikes ».

Leave a Reply

Your email address will not be published. Required fields are marked *